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Before buying a health insurance policy, it is prudent to know various types of insurance cover being offered by insurance companies in India.

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Types of Health Insurance Cover in India

You all are aware of the fact that we cannot correctly and accurately predict the future. You cannot tell what future holds for you but you can be wise enough to provide security to your family and yourself from the unforeseen events that may take toll of your health.
Health Insurance is a type of insurance cover that guards you and compensates you for any medical expense that occurs in future. It is a coverage given to you by the insurance company to take forth the uncertain medical expenses that may stand tall in front of you in future. With health care costs rising big time, health insurance serves to be a blessing. There are two ways in which the health insurance claim is settled. You may be reimbursed by the insurer directly or the insurer may settle the bills with your care provider directly which is also referred to as cash less.
Following are the types of health insurance cover offered by insurance companies in India.
Types of Health Insurance Cover Available in India 
  1. Critical Illness – This plan guards you from any critical illness that may trap you in future. Any risk of serious illness is covered by this plan. You pay a premium for the same and in the event of you being diagnosed with any critical illness you will be reimbursed in cash. Crucial illness that are primarily covered by majority of insurance firms in India are following 
    • Major organ transplant
    • Cancer
    • Primary pulmonary arterial hypertension
    • Stroke
    • Aorta graft surgery
    • First heart attack
    • Multiple sclerosis
    • Coronary artery bypass surgery
    • Paralysis
    • Kidney failure 
  1. Medical Insurance – When you opt for a medical insurance plan you receive a reimbursement for the hospitalization charges that have been incurred and the medication or surgery that you or your family member has been through for the disease that was covered. These plans are often referred to as “Mediclaim Policies”. There are a number of medical insurance policies available in the market which can be classified as overseas medical insurance, group or individual medical insurance etc. 
  1. Individual Mediclaim – This is considered to be the simplest form of medical policy. When you opt for an individual mediclaim policy you are entitled to receive compensation for the hospitalization expenses that have been borne by you up to the sum assured limit.  Here is an example – If you are two members in a family and you get an individual cover of Rs 1 Lac each. Here both policies are independent. Both of you can claim separate covers of Rs 1 lac each if the need be. 
  1. Family Floater Plans – This plan brings in a slight twist. The sum assured limit wraps up the expenses for the entire family or all individuals that fall under its cover. However, the premium that you need to shell out for these types of plans is comparatively less as compared to the Individual medical plans. For Example if a family of five people gets a family floater plan and is entitled for a claim of say Rs 10 Lac. Now, any member can claim any amount up to Rs 10 lac in a specific year and if he/she claimed Rs 3 Lacs in a particular year then the amount left as mediclaim for others for that year would reduce to Rs 7 lac. From next year it would again start afresh with Rs 10Lac. 
  1. Unit Linked Health Plans – Unit Linked Plans or ULIPs as they are popularly called are linked with an investment on which you also earn a return. While you opt for a Unit Linked Health Plan you combine health insurance with investment. Here, you are also entitled for returns at the end of the insurance term but the returns are all dependent on the performance of the market. These are advisable only for those who play well in market linked products. 
  1. Group Mediclaim – Group Health Insurance Plans are gaining momentum in Small and medium Enterprises who compete with the giants in attracting and retaining the pool of talent. With Health Insurance becoming a vital element of your life, entrepreneurs provide their employees with Group Health Insurance Plans that provide them with financial coverage and prudence. 
Popular Health Insurance Companies in India
Here’s a list of popular health insurance companies in India. It is always advisable to do lot of research while you make your mind to opt for a health insurance plan. You cannot follow the thumb rule of opting for a plan that your friend has suggested as the best in the industry because your requirements can never be same as his. Take a look: 
  • New India Assurance
  • Oriental Insurance
  • United India Insurance
  • Max Bupa Health Insurance
  • Apollo Munich
  • Star Health and Allied Insurance Company Limited
  • ICICI Lombard Health Insurance
  • Reliance Health Insurance
  • Bajaj Allianz General Insurance
  • TATA AIG Health Insurance